The vast fortune in the hands of Amancio Ortega, founder of Inditex – the parent company of clothing chain Zara – keeps growing.
But the profits are not just coming in from his retail fashion outlets, which also include brands such as Bershka, Massimo Dutti and Oysho.
Ortega’s real estate activities are becoming more profitable every year. Pontegadea Inmobiliaria, the company that he uses to invest in office and retail space, posted net profits of €93.3 million last year, a 32% increase from the previous year, according to the company’s filings with the Spanish Business Register.
The Galician tycoon’s property company specializes in scooping up buildings on the best streets of the world’s major cities. Most of these buildings already have occupants, and Ortega becomes their new landlord. The building housing the Apple Store in Barcelona and the Picasso Tower in Madrid are among the properties in his portfolio.
In 2013, Pontegadea collected €98.5 million in rent, €4.3 million more than in 2012. Of this amount, €75.7 million came from Spanish investments and €22.7 million from foreign tenants.
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